FS Credit Real Estate Income Trust–M

ZFREMX

Fund:

Daily NAV REIT

Investment objective

Generate an alternative source of income, preserve capital and realize long term-appreciation

Overview

FS Credit Real Estate Income Trust (FS Credit REIT) is a daily NAV REIT investing primarily in floating rate senior loans secured by commercial real estate properties.

Adviser

FS Real Estate Advisor, LLC
An affiliate of FS Investments

Sub-adviser

Rialto Capital Management, LLC


Fund information updated xx/xx/xxxx

Daily NAV 1 -
Daily NAV change (%) -
Daily NAV change ($) -
Distribution rate (at NAV) -


View Pricing Disclosure For Footnote 1
1Daily NAV per share is shown as of the close of business on the date specified. NAV is determined by FS Real Estate Advisor in accordance with FS Credit REIT’s valuation guidelines. There is no rule, regulation or industry practice that requires the NAV be calculated in a certain way and, FS Credit REIT’s board of directors may adopt changes to the valuation guidelines.

The per share purchase or repurchase price will vary from day-to-day and, on each day, will equal our NAV per share for each class of shares plus, for Class T shares, selling commissions of 3.0% and dealer manager fees of 1.25% of the purchase price, and, for Class T–C shares, selling commissions of 3.0% of the purchase price. Stockholders will not pay selling commissions or dealer manager fees on Class D, Class M or Class I shares. Class T, Class T–C, Class D and Class M shares are also subject to on-going stockholder servicing fees equal to 1.0%, 0.85%, 0.3% and 0.3% per annum of the aggregate NAV of such share class, respectively. Class I shares are not subject to stockholder servicing fees. You will not know the purchase or repurchase price per share when you submit your purchase or repurchase request. See the prospectus for additional information.

Key facts

Ticker ZFREMX
Min. initial investment amount 2 $5 thousand
Distributions 3 Monthly
CUSIP 302950308
Sponsor commitment
(as of 10/9/2017) 1
$14.2 million
Tax reporting Form 1099-DIV
Share repurchase program 4 Daily; no more than 5% of shares outstanding each quarter
View key facts disclosure for Footnotes 1234
1The sponsor commitment represents the aggregate investments in FS Credit REIT made by individuals and entities affiliated with FS Investments and Rialto Capital Management, LLC, including members of FS Credit REIT’s board of directors.
2Any minimum initial investment requirement may be waived in FS Credit REIT’s sole discretion.
3The payment of future distributions on FS Credit REIT’s shares is subject to the discretion of FS Credit REIT’s board of directors and applicable legal restrictions and, therefore, there can be no assurance as to the amount or timing of any such future distributions. Distributions may be paid from sources other than cash flow from operations.
4No secondary market is expected to develop for FS Credit REIT’s shares; however, on a daily basis shareholders may request that all or a portion of their shares be repurchased through FS Credit REIT’s share repurchase program. Repurchases are limited during any calendar quarter to shares whose aggregate value (based on the repurchase price per share on the day the repurchase is effected) is 5% of the combined NAV of all classes of shares then participating in the share repurchase plan as of the last day of the previous calendar quarter. FS Credit REIT’s board of directors may modify, suspend or terminate the share repurchase plan if it deems such action to be in our best interest and the best interest of stockholders. As a result, shares should be considered as having only limited liquidity and at times may be illiquid.
View risk factors disclosure

Investing in FS Credit REIT involves significant risk, including the risk of a substantial loss of investment. The following are some of the risks an investment in FS Credit REIT's common stock involves; however, you should carefully consider all of the information found in the section of FS Credit REIT’s prospectus entitled “Risk Factors” before deciding to invest in shares of FS Credit REIT’s common stock.

  • FS Credit REIT has no prior operating history or established financing sources and there is no assurance that FS Credit REIT will achieve its investment objectives.
  • The purchase and repurchase price for shares of FS Credit REIT’s common stock will be based on NAV and will not be based on any public trading market. Because the valuation of FS Credit REIT’s investments is inherently subjective, the NAV of FS Credit REIT’s common stock may not accurately reflect the actual price at which assets could be liquidated on any given day.
  • Since there is no public trading market for shares of FS Credit REIT’s common stock, repurchase of shares by FS Credit REIT will likely be the only way to dispose of your shares. FS Credit REIT’s share repurchase plan will provide stockholders with the opportunity to request that FS Credit REIT repurchase their shares on a daily basis. In addition, repurchases will be subject to available liquidity and other significant restrictions. Further, FS Credit REIT’s board of directors may modify, suspend or terminate our share repurchase plan if it deems such action to be in our best interest and the best interest of stockholders. As a result, shares should be considered as having only limited liquidity and at times may be illiquid. FS Credit REIT is not obligated by its charter or otherwise to effect a liquidity event at any time.
  • Valuations and appraisals of real estate-related debt and investments are estimates of fair value and may not necessarily correspond to realizable value, which could adversely affect the value of an investment.
  • FS Credit REIT's business and operations are currently dependent on the commercial real estate industry. Adverse conditions in the commercial real estate industry can have a significant
    negative effect on FS Credit REIT's business and financial condition.

  • FS Credit REIT cannot guarantee that it will make distributions, and if it does such distributions may be funded from sources other than cash flow from operations, including, without limitation, the sale of assets, borrowings, return of capital or offering proceeds, and there is no limit on the amounts that may be paid from such sources.
  • FS Credit REIT has no employees and is dependent on its adviser and sub-adviser to conduct operations. FS Credit REIT’s adviser and sub-adviser will face conflicts of interest as a result of, among other things, the obligation to allocate investment opportunities among FS Credit REIT and other investment vehicles, the allocation of time of their investment professionals and the substantial fees and expenses that we will pay to the adviser and its affiliates.
  • If FS Credit REIT is not able to raise a substantial amount of capital in the near term, its ability to achieve its investment objectives could be adversely affected.
  • There are limits on the ownership and transferability of FS Credit REIT’s shares.
  • FS Credit REIT’s failure to qualify or remain qualified to be taxed as a REIT would adversely afect the NAV of its shares and the amount of cash available for distribution to stockholders. 



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